58,712 Fiji National Provident Fund members have zero balance

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    The Fiji National Provident Fund (FNPF) says 58,712 of its members have zero balance in their accounts.

    This, according to the FNPF’s 2021 annual report tabled in Parliament last Thursday.

    The fund said 7196 members between the ages of 50-54 years had zero balance while 6905 between 45-49 had no money at FNPF.

    FNPF said 10,780 members between the ages of 35-44 years had nil balance while 6149 in the age category 25-34 years had no funds in their accounts.

    “The issue of zero balance accounts is not unique to the fund,” the FNPF report said.

    “Other superannuation funds around the world also carry zero balance accounts in their membership numbers.

    “While some key reasons are similar given the nature of operations and as a long-term customer-based institution, other reasons are unique to the fund.

    “The fund is exploring a number of policy changes and operation adjustments to address our membership data and reporting.

    “This includes the create an inactive account status for accounts with zero balances and with no transaction over a period of time.

    “The fund will continue to improve our membership data and hope to present the new classification in future annual reports.”

    Meanwhile, the number of Fijians with balances in excess of $500,000 (US$250,000) in their Fiji National Provident Fund accounts has increased to 227, from the 217 recorded in the 2019 annual report.

    And the FNPF’s 2021 annual report says of the 227, 107 members were above the age of 55 years, 71 were aged between 50 and 54 years, 31 members between 45 and 49 years, and 18 are between 34 and 44 years.

    The FNPF report said 836 members had balances between $250,000 (US$125,000) and $500,000 (US$250,000) compared with 796 in 2020. Of the 836, 272 members were between the ages of 50 and 54 years.

    FNPF said a total of 7528 members had balances between $100,000 (US$50,000) and $250,000 while 32,043 had balances between $40,000 (US$20,000) and $100,000 (US$50,000).

    The fund said 46,508 members had balances between $20,000 (US$10,000) and $40,000 (US$20,000), and 112,516 members had balances between $5000 (US$250,000) and $20,000 (US$10,000).

    The remaining 188,288 FNPF members had balances between $1(US$0.50c) and $5000 (US$2,500).

    SOURCE: FIJI TIMES/PACNEWS